During the State of the Union on March 7, 2024, President Biden addressed the nation for roughly an hour and change. Within that time, President Biden made special note to address regulated cannabis. In August 2023, we saw President Biden’s Department of Health and Human Services presented the DEA with a proposal to reschedule cannabis as a Schedule III substance. The DEA has yet to act on this proposed progress.
After addressing the war in Ukraine, access to reproductive rights, the economy, healthcare, education, and the climate crisis, President Biden addressed cannabis within a statement on public safety.
President Biden stated that he is “…directing my cabinet to review the federal classification of marijuana, and expunging thousands of convictions for mere possession, because no one should be jailed for simply using or have it on their record.” His statement was met with loud applause by those in attendance.
While the President’s message on cannabis was brief, it was impactful. Several cannabis industry executives took to social media to echo their support in favor of reclassification. The founder of Entourage Effect Capital, Matt Hawkins, responded “Rescheduling cannabis has the potential to significantly transform the landscape for all legal operators, consumers, and patients, across the country.” Curaleaf’s CEO, Matt Darin, stated “Rescheduling would contribute to further de-stigmatization of the plant, and by removing the burden of 280-E, would allow businesses to place further focus on growth and job creation.”
Additionally, the Last Prisoner Project responded by requesting immediate action from President Biden. The group sent a letter “urging him to release all those currently incarcerated for federal cannabis convictions.”
While the industry awaits the promised progress, overall, the sentiment is positive from the President’s statements.
For more on the implications of rescheduling cannabis from a Schedule I to a Schedule III classified substance, keep reading.
